Business

Salmon Evolution Achieves Robust Financial Milestone in Q1 2024 with Soaring Revenue and EBITDA

OSLO, Norway, May 7, 2024 – In a remarkable financial update, Salmon Evolution ASA, a prominent aquaculture company listed under the ticker SALME on the Oslo Stock Exchange, unveiled its financial successes for the first quarter of 2024. The company recorded operating revenues of NOK 100.3 million coupled with a Group EBITDA of NOK 24.1 million. This quarter stands out as a significant beacon in the company's history, charting its entry into strong profitability and positive EBIT at the group level, heralding a new era of fiscal strength and market leadership within the aquaculture industry.

"In Salmon Evolution, we are driven by the ambition to cultivate salmon on land with not just exceptional biology, but in a fashion that stands as highly cost-effective," Trond Håkon Schaug-Pettersen, CEO of Salmon Evolution, remarked. He further asserted that the impressive first-quarter performance was a robust validation of their business model and their evolution into a distinctive, scalable, and lucrative platform for growth. "We're merely at the inception of our odyssey," he emphasized, highlighting the company's long-term vision and sustainable objectives.

Q1 Highlights Manifest Strong Financial Structure

The first quarter was marked by numerous operational triumphs for Salmon Evolution. Notably, the Farming EBITDA stood at an outstanding NOK 36.2 million—translating to a substantial NOK 40.2 EBITDA per kilogram. At the Group level, EBITDA hit NOK 24.1 million with a respectable group EBIT of NOK 5.8 million.

The company's Q1 harvest volumes tallied 901 tonnes head on gutted (HOG) with an exceptional average weight of 4.6 kg live weight (LW), and a superior share of 96%. This was complemented by strong price realization. Beyond these figures lay the record-setting standing biomass which neared 2,700 tonnes LW by the end of the quarter.

Further, Salmon Evolution witnessed steady operational growth with a net biomass increment of approximately 1,560 tonnes LW, marking an 8% rise from the preceding quarter. Looking ahead, the forecast for Q2 harvest volumes is positioned in the range of 1,600 to 1,800 tonnes HOG, underscoring the company's upward trajectory in production volume.

Comprehensive Q1 2024 Results Presentation Scheduled

The company's leadership, inclusive of CEO Trond Håkon Schaug-Pettersen and CFO Trond Vadset Veibust, is set to present the detailed financial results for the first quarter of 2024. The much-anticipated event will take place at the prestigious Hotel Continental in Oslo on Tuesday, May 7, 2024, at 08:00 CET. Attendees will have the opportunity to indulge in a delectable sashimi buffet featuring salmon sourced directly from Indre Harøy, with the buffet service commencing at 07:45 CET. The presentation is set to be held in Teatersalen, providing an apt setting for this high-profile business gathering.

Additionally, stakeholders who are unable to attend in person have the alternative to join virtually via a live webcast. This digital forum will not only allow participants to view the presentation but also engage interactively by posing questions in real-time. The webcast can be accessed through the company's website at www.salmonevolution.no, or directly by clicking on the webcast link. For those interested, it is important to note that the presentation, as well as the Q&A session, will be conducted exclusively in English.

Engagement and Transparency in Fiscal Communications

Salmon Evolution underscores the significance of transparent communication with its stakeholders and adheres to the disclosure requirements as mandated by section 5-12 of the Norwegian Securities Trading Act. The financial update communicates the company's performance with clarity and precision, ensuring that shareholders and potential investors are comprehensively informed about the company's financial health and strategies.

For any additional information requests, queries can be directed to CEO Trond Håkon Schaug-Pettersen at [email protected] or by reaching out to him at +47 91 19 13 27. Trond Vadset Veibust, the CFO, is also available for financial clarifications, and can be contacted at [email protected] or +47 48 09 05 95. Both contact points provide direct access to the company's executive team for detailed discussions or further insights into the company's financial results and future projections.

Salmon Evolution Embraces the Digital Age with Accessible Resources

In alignment with modern digital conveniences and the corporate ethos of making information readily accessible, a suite of downloadable content has been made available. Interested parties can download the full Q1 2024 Report and the accompanying Q1 2024 Presentation from the links provided below. These documents provide a granular view of the operational and financial metrics pertinent to the company's first quarter triumphs:

• Q1 2024 Report - Download PDF
• Q1 2024 Presentation - Download PDF

These downloadable resources serve as a testament to Salmon Evolution's commitment to accountability, transparency, and corporate governance. They offer an in-depth look into the company's strategic initiatives, performance outcomes, and forward-looking statements—all of which can empower stakeholders to make well-informed decisions.

Salmon Evolution's Growth Perspective

The positive results from the first quarter are not merely a transient success but are indicative of the company's robust business model and strategic agility in the competitive aquaculture landscape. The remarkable performance of Salmon Evolution in terms of profitability, as well as operational benchmarks, supports the company's assertion that it stands as a game-changing player in the realm of sustainable aquaculture and salmon farming.

The fusion of impeccable biology and sustainable on-land growth methods has been met with outstanding market reception. With a forecast that anticipates consistent growth and burgeoning harvest volumes, the company solidifies its vision of setting the standard for the future of the aquaculture industry.

Partnering With Nature: The Key to Sustainable Aquaculture

Salmon Evolution's journey towards charting a sustainable path for salmon farming continues to draw attention from both industry experts and environmental proponents. The company's focus on excellent biology resonates with a growing consumer demand for sustainably-produced seafood and responsibly managed farming practices. Their commitment to harnessing the natural process of salmon growth, enhanced by groundbreaking technological investments and ecological stewardship, positions Salmon Evolution at the forefront of meeting global seafood needs with minimal environmental impact.

By emphasizing land-based farming systems that prioritize animal welfare and optimize biological conditions, Salmon Evolution exemplifies how modern aquaculture can expand without compromising environmental values. The company's dedication to maintaining the highest standards of quality while scaling production is expected to play a transformative role in the way the world views and consumes farmed salmon.

Looking Forward: Anticipations and Aspirations

Embarking on the rest of 2024, sentiments surrounding Salmon Evolution are buoyant, propelling the company into its next phase of growth and expansion. As Salmon Evolution reinforces its infrastructure, optimizes its operational efficiencies, and continues exploring new markets, the horizon looks promising with potential catalysts for further valuation growth and share price appreciation. The anticipations for quarter two's harvest volumes, favorably estimated between 1,600 and 1,800 tonnes HOG, symbolize the company's capacity for scaling up production to match the accelerating demand.

Furthermore, the company is actively engaged in research and development endeavors aimed at enhancing the salmon farming methodology and minimizing the environmental footprint of production. Through innovation and a steadfast commitment to best practices, Salmon Evolution not only aims to rise as a leader in aquaculture but also to become synonymous with sustainability and excellence in seafood production.

Building Trust Through Global Partnerships

In the global aquaculture sector, partnerships and alliances play a pivotal role in shaping the future of sustainable practices. Salmon Evolution's strategy to continually forge solid connections within the industry and its supply chain attests to the company's larger vision. Leveraging synergies with global partners, the company is better poised to navigate market fluctuations and seize opportunities for growth and development. The collaborative networks fostered by Salmon Evolution promote knowledge exchange, technological advancements, and the realization of shared sustainability goals—pillars that are indispensable for the progressive transformation of the aquaculture industry.

A Beacon of Aquaculture: Norway's Contribution to Sustainability

Located in the heart of Norway, Salmon Evolution represents a nation known for its profound appreciation of marine resources and its leadership in fostering sustainable practices within the aquaculture industry. The successful financial quarter reported by the company not only underscores its individual achievements but also reflects Norway's sustained efforts and policy frameworks that support environmental stewardship in aquaculture. Salmon Evolution embodies the nation's dedication to balancing economic growth with ecological preservation, a narrative that resonates well with a global audience increasingly attuned to environmental responsibility.

In Conclusion

Salmon Evolution ASA has confidently marked its first quarter of 2024 with robust financials and operational success, setting the pace for a year of potential and promise. As the company continues to navigate the seas of sustainable aquaculture with innovation and strategic acumen, its journey will undoubtedly be observed keenly by both financial experts and environmentalists alike.

Infectious optimism surrounds the company's upward trajectory, with employees, investors, and consumers alike filled with anticipation for the unfolding chapters of Salmon Evolution's story. This financial update and the engagement initiatives symbolize a rigorous commitment to transparency, accountability, and excellence—an ethos that's expected to drive continuous momentum in the quarters ahead for Salmon Evolution.